Renting out my boat

JTKeener · 10-19-2020, 12:18 PM

Hello-

I am interested in renting my 21’ Bowrider to people on the lake this spring/summer. I have been using the website GetMyBoat and have found quite a bit of success in a different location last summer. Has anyone tried this before (or know anyone who has tried this before) on Lake Winnipesaukee? What would be the best location to do so if I’m residing near Wolfeboro? Any advice is appreciated.

Thanks.
J

Newbiesaukee · 10-19-2020, 12:38 PM

How does liability insurance fit into this? Just curious.

Woodsy · 10-19-2020, 12:45 PM

Looks like GetMyBoat recommends you get a Lloyds Of London policy for liability and damages...

I would def be concerned that the people renting do not have their SBC as well!

Woodsy

JTKeener · 10-19-2020, 01:17 PM

Quote:

Originally Posted by Woodsy

Looks like GetMyBoat recommends you get a Lloyds Of London policy for liability and damages...

I would def be concerned that the people renting do not have their SBC as well!

Woodsy

Yes - liability was somewhat worrisome to me. Went through a partner insurance company and am allowed to do 30 days of peer-to-peer (that is enough for me because this is just something I do on the side). All renters have license verified but I will offer to captain for them if they would prefer or don't have license.

J

TiltonBB · 10-19-2020, 03:03 PM

Quote:

Originally Posted by JTKeener

Yes - liability was somewhat worrisome to me. Went through a partner insurance company and am allowed to do 30 days of peer-to-peer (that is enough for me because this is just something I do on the side). All renters have license verified but I will offer to captain for them if they would prefer or don't have license.

J

Do you have a Commercial Boating License?

JTKeener · 10-19-2020, 03:12 PM

Quote:

Originally Posted by TiltonBB

Do you have a Commercial Boating License?

Yes - 25GT 6 pack

MAXUM · 10-19-2020, 03:29 PM

I know a couple people that work at a marina that does rentals and the amount of damage those boats sustain over the course of a season is staggering.

JTKeener · 10-19-2020, 04:43 PM

Quote:

Originally Posted by MAXUM

I know a couple people that work at a marina that does rentals and the amount of damage those boats sustain over the course of a season is staggering.

I have definitely heard those horror stories. Luckily I haven't had anything serious happen yet. I thoroughly inspect the boat before and after each trip and only do 2-3 trips a week.

ApS · 10-19-2020, 05:43 PM

Quote:

Originally Posted by MAXUM

I know a couple people that work at a marina that does rentals and the amount of damage those boats sustain over the course of a season is staggering.

Why not sell the boat, with a "nod" to buying it back?

(Minus dollars for wear, tear, "paper" expenses, and of course, the rental fee).

Descant · 10-19-2020, 07:52 PM

So you give, say, $100,000 to a stranger and ask for $105,000 back, if it doesn't blow overboard. Your insurance says,"No nO No. We don't do that." His insurance says, "You don't have "insurable interest" even if they issued a short term policy (which nobody does), because you bought coverage without full disclosure. I don't care how smart your lawyer is, the insurance companies have been here before and they know how to handle it. DENIED. The renter's credit card will not handle a $100,000 total sinking.
The only reason to rent from an individual is to save money. The reason the rental companies charge more is because they know what they are doing.
Individual rental is either dumb or stupid. Pick your word.

Juiced06GTO · 10-20-2020, 09:00 AM

I would be hesitant to do this on a lake like winni between all the nav hazards and shear volume of people on the lake. It would seem that the risk would be much greater. On a smaller lake, with less hazards and less people I could feel a bit more comfortable although I would hate to think about what would happen to my boat while someone is renting it. I work in the const equipment rental industry and I know how my machines get treated and it would make me cry if it was my personal property haha!

MAXUM · 10-20-2020, 01:44 PM

Quote:

Originally Posted by JTKeener

I have definitely heard those horror stories. Luckily I haven't had anything serious happen yet. I thoroughly inspect the boat before and after each trip and only do 2-3 trips a week.

To me I would think the risk far outweighs the reward. One renter can do significant if not season ending damage to a boat.

JTKeener · 10-20-2020, 02:32 PM

Quote:

Originally Posted by Juiced06GTO

I would be hesitant to do this on a lake like winni between all the nav hazards and shear volume of people on the lake. It would seem that the risk would be much greater. On a smaller lake, with less hazards and less people I could feel a bit more comfortable although I would hate to think about what would happen to my boat while someone is renting it. I work in the const equipment rental industry and I know how my machines get treated and it would make me cry if it was my personal property haha!

Thanks for the input. I may start out with only offering to charter. We will see. Luckily, I can screen customers and the site lets me secure a good deposit, so I am pretty comfortable with renting to qualified people.

JEEPONLY · 10-20-2020, 03:50 PM

Quote:

Originally Posted by JTKeener

Thanks for the input. I may start out with only offering to charter. We will see. Luckily, I can screen customers and the site lets me secure a good deposit, so I am pretty comfortable with renting to qualified people.

Have you actually given any thought to where you (and the renters) would be if the WORST type of boating accident happened during your rental?

This makes NO SENSE!

If you need another job, go get one.

ishoot308 · 10-20-2020, 05:27 PM

I can think of a million reasons not to do this....

Dan

JTKeener · 10-20-2020, 05:59 PM

Quote:

Originally Posted by JEEPONLY

Have you actually given any thought to where you (and the renters) would be if the WORST type of boating accident happened during your rental?

This makes NO SENSE!

If you need another job, go get one.

Yes I have, but I would like your input. My question is not if I should do this, but rather best practices for when I end up doing it. Any advice is appreciated.

FlyingScot · 10-20-2020, 06:29 PM

If you remember the thread of a few months ago where 5 or so people were pulled from the water on a stormy day--a friend of mine is a FD volunteer--it was a rental and the captain's first time piloting a boat. He and all his passengers jumped in for a swim simultaneously. No, they did not use the anchor.

JTKeener · 10-20-2020, 06:57 PM

Thanks to all for your replies.
Here are my takeaways from the discussion. Perhaps offering my boat only for charter--captained by me--is the best route to take. Sure, the extra income offsets marina and fuel, but it's not a job that I need. Sharing my passion for boating with others is what I enjoy most. I do not see the harm in doing this if I am insured and licensed. I guess "renting" was the wrong phrase to use. I appreciate all your help and will let you know how it goes!

J

8gv · 10-20-2020, 07:20 PM

You may have a passion for boating but your renters will have a passion for breaking your boat and landing you in court!

Let us know how it goes or maybe we'll just wait for the "story at 11" newscast.

thinkxingu · 10-20-2020, 07:49 PM

There's a distinct difference between chartering, where you are in control of your vessel and the passengers, and renting, where the renters are in control of your vessel and their passengers.

The former could work, but the ROI will most likely be very low after all the extras—insurance, fuel, overall wear and tear on the vessel, etc. Still, the risk is much less.

The latter is a recipe for disaster, as others have stated.

Sent from my SM-G950U using Winnipesaukee Forum mobile app

JEEPONLY · 10-21-2020, 07:09 AM

I realize my post was a bit harsh. Your responses reflect a calm, thought-out ownership of the problem you face.

I have seen the consequences of many boat rental accidents- financial and otherwise. Everybody is always sorry, but that never got them anything.

Think's summary is well stated.

Best of luck with this!

swnoel · 10-21-2020, 09:30 AM

Quote:

Originally Posted by JTKeener

Yes - 25GT 6 pack

Then make sure you come with it as the captain...

garysanfran · 10-22-2020, 02:45 PM

Geico and Boat US have teamed up to offer a rental service through them which includes insurance. The bad news is that the insurance is with Geico...a low cost insurer that is known for not paying claims...Thus their low cost...

https://www.boatsetter.com/boatus?ut...tter_september

Wentworth06 · 10-22-2020, 07:53 PM

I know this from my profession.
When the worst happens. Everyone involved no matter who you think your friends with, what contract someone signed, what release you have, will bring litigation against every party even remotely involved.
We are a country of laws, not a country of justice.
Jury’s award money daily against normal reasoning. Pictures of injuries ,especially injuries to children make them sympathetic. I’m 56 years old my childhood friend from kindergarten she was killed by a propeller on an outboard engine when she was 16
Just my opinion.
Best of luck

MotorHead · 10-22-2020, 08:29 PM

Quote:

Originally Posted by garysanfran

Geico and Boat US have teamed up to offer a rental service through them which includes insurance. The bad news is that the insurance is with Geico...a low cost insurer that is known for not paying claims...Thus their low cost...

https://www.boatsetter.com/boatus?ut...tter_september

We have Geico boat insurance.
Few years back, we were introduced to the witches, before I purchased the Garmin. Geico paid for a new lower unit, no questions asked. I did not have to lift a finger.

Just my experience.

Cobalt 25 · 10-28-2020, 05:22 PM

My niece and her husband are in Freedom Boat Club and I have had much experience with them going in their boat at different locations. I observed many situations that seemed sketchy with other members of FBC handling their rental boats. As with actual boat owners with their boats, some captains are competent, some not.

Your 21' bow rider seems like a reasonably good fit for a rental. Last summer we took our boat to Wolfboro on a fairly busy day. I always put our boat as close to the bulkhead as possible (bow out) to avoid being hit by folks backing out. An older gentleman was attempting to back out a very large pontoon rental boat. He was scaring everyone. While I was helping one boater quickly untie his boat so he could escape, my son jumped on the swim platform of a stranger's boat to avoid a catastrophe between those 2 boats. Many were yelling instructions to this guy, but the real scary part was the speed at which he was proceeding. Somehow my son was able to fend him off without damage.

21' bow rider good, big pontoon boat bad- as far as rentals go.

Good luck with your idea. I believe if you vet the captains closely enough you will be fine. We have rented boats in Florida and it has been win/win for us and the agencies.

10-19-2020, 12:18 PM	#1
JTKeener Junior Member Join Date: Oct 2020 Posts: 7 Thanks: 5 Thanked 3 Times in 3 Posts	Renting out my boat Hello- I am interested in renting my 21’ Bowrider to people on the lake this spring/summer. I have been using the website GetMyBoat and have found quite a bit of success in a different location last summer. Has anyone tried this before (or know anyone who has tried this before) on Lake Winnipesaukee? What would be the best location to do so if I’m residing near Wolfeboro? Any advice is appreciated. Thanks. J

10-19-2020, 12:38 PM	#2
Newbiesaukee Senior Member Join Date: May 2004 Location: Coral Gables, winter; Long Island, summer Posts: 1,353 Thanks: 946 Thanked 573 Times in 298 Posts	How does liability insurance fit into this? Just curious. __________________ "You're only young once, but you can be immature forever."

10-19-2020, 12:45 PM	#3
Woodsy Senior Member Join Date: May 2004 Location: Weirs Beach Posts: 1,965 Thanks: 80 Thanked 979 Times in 440 Posts	Looks like GetMyBoat recommends you get a Lloyds Of London policy for liability and damages... I would def be concerned that the people renting do not have their SBC as well! Woodsy __________________ The only way to eliminate ignorant behavior is through education. You can't fix stupid.

10-19-2020, 07:52 PM	#10
Descant Senior Member Join Date: Mar 2006 Location: Merrimack and Welch Island Posts: 4,342 Thanks: 1,339 Thanked 1,621 Times in 1,053 Posts	Scary So you give, say, $100,000 to a stranger and ask for $105,000 back, if it doesn't blow overboard. Your insurance says,"No nO No. We don't do that." His insurance says, "You don't have "insurable interest" even if they issued a short term policy (which nobody does), because you bought coverage without full disclosure. I don't care how smart your lawyer is, the insurance companies have been here before and they know how to handle it. DENIED. The renter's credit card will not handle a $100,000 total sinking. The only reason to rent from an individual is to save money. The reason the rental companies charge more is because they know what they are doing. Individual rental is either dumb or stupid. Pick your word.

10-20-2020, 05:27 PM	#15
ishoot308 Senior Member Join Date: Feb 2008 Location: Gilford, NH / Welch Island Posts: 6,232 Thanks: 2,384 Thanked 5,277 Times in 2,051 Posts	Why? I can think of a million reasons not to do this.... Dan __________________ It's Always Sunny On Welch Island!!

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10-19-2020, 03:29 PM	#7
MAXUM Senior Member Join Date: Apr 2004 Location: Kuna ID Posts: 2,755 Thanks: 246 Thanked 1,942 Times in 802 Posts	I know a couple people that work at a marina that does rentals and the amount of damage those boats sustain over the course of a season is staggering.

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JTKeener (10-19-2020)

10-20-2020, 09:00 AM	#11
Juiced06GTO Senior Member Join Date: Aug 2017 Posts: 213 Thanks: 9 Thanked 84 Times in 49 Posts	I would be hesitant to do this on a lake like winni between all the nav hazards and shear volume of people on the lake. It would seem that the risk would be much greater. On a smaller lake, with less hazards and less people I could feel a bit more comfortable although I would hate to think about what would happen to my boat while someone is renting it. I work in the const equipment rental industry and I know how my machines get treated and it would make me cry if it was my personal property haha!

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10-20-2020, 06:29 PM	#17
FlyingScot Senior Member Join Date: Jun 2016 Location: Tuftonboro and Sudbury, MA Posts: 2,371 Thanks: 1,273 Thanked 1,016 Times in 626 Posts	If you remember the thread of a few months ago where 5 or so people were pulled from the water on a stormy day--a friend of mine is a FD volunteer--it was a rental and the captain's first time piloting a boat. He and all his passengers jumped in for a swim simultaneously. No, they did not use the anchor.

10-20-2020, 06:57 PM	#18
JTKeener Junior Member Join Date: Oct 2020 Posts: 7 Thanks: 5 Thanked 3 Times in 3 Posts	My thoughts Thanks to all for your replies. Here are my takeaways from the discussion. Perhaps offering my boat only for charter--captained by me--is the best route to take. Sure, the extra income offsets marina and fuel, but it's not a job that I need. Sharing my passion for boating with others is what I enjoy most. I do not see the harm in doing this if I am insured and licensed. I guess "renting" was the wrong phrase to use. I appreciate all your help and will let you know how it goes! J

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JEEPONLY (10-21-2020)

10-20-2020, 07:20 PM	#19
8gv Senior Member Join Date: Jan 2012 Posts: 2,092 Thanks: 64 Thanked 744 Times in 478 Posts	You may have a passion for boating but your renters will have a passion for breaking your boat and landing you in court! Let us know how it goes or maybe we'll just wait for the "story at 11" newscast.

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JEEPONLY (10-21-2020)

10-20-2020, 07:49 PM	#20
thinkxingu Senior Member Join Date: Jul 2014 Posts: 6,219 Thanks: 1,170 Thanked 2,051 Times in 1,274 Posts	There's a distinct difference between chartering, where you are in control of your vessel and the passengers, and renting, where the renters are in control of your vessel and their passengers. The former could work, but the ROI will most likely be very low after all the extras—insurance, fuel, overall wear and tear on the vessel, etc. Still, the risk is much less. The latter is a recipe for disaster, as others have stated. Sent from my SM-G950U using Winnipesaukee Forum mobile app

10-21-2020, 07:09 AM	#21
JEEPONLY Deceased Member Join Date: Nov 2014 Posts: 701 Thanks: 360 Thanked 179 Times in 141 Posts	Jt I realize my post was a bit harsh. Your responses reflect a calm, thought-out ownership of the problem you face. I have seen the consequences of many boat rental accidents- financial and otherwise. Everybody is always sorry, but that never got them anything. Think's summary is well stated. Best of luck with this!

10-22-2020, 02:45 PM	#23
garysanfran Senior Member Join Date: Jul 2009 Location: San Francisco/Meredith Posts: 1,564 Thanks: 660 Thanked 670 Times in 344 Posts	Boat US-Geico Geico and Boat US have teamed up to offer a rental service through them which includes insurance. The bad news is that the insurance is with Geico...a low cost insurer that is known for not paying claims...Thus their low cost... https://www.boatsetter.com/boatus?ut...tter_september __________________ Gary ~~~~_/) ~~~ ~~~~~~~~

10-22-2020, 07:53 PM	#24
Wentworth06 Member Join Date: May 2020 Posts: 30 Thanks: 37 Thanked 11 Times in 7 Posts	Liability I know this from my profession. When the worst happens. Everyone involved no matter who you think your friends with, what contract someone signed, what release you have, will bring litigation against every party even remotely involved. We are a country of laws, not a country of justice. Jury’s award money daily against normal reasoning. Pictures of injuries ,especially injuries to children make them sympathetic. I’m 56 years old my childhood friend from kindergarten she was killed by a propeller on an outboard engine when she was 16 Just my opinion. Best of luck

The Following User Says Thank You to Wentworth06 For This Useful Post:
JEEPONLY (10-23-2020)

10-28-2020, 05:22 PM	#26
Cobalt 25 Senior Member Join Date: Sep 2004 Location: Cape Cod Posts: 216 Thanks: 227 Thanked 36 Times in 20 Posts	My niece and her husband are in Freedom Boat Club and I have had much experience with them going in their boat at different locations. I observed many situations that seemed sketchy with other members of FBC handling their rental boats. As with actual boat owners with their boats, some captains are competent, some not. Your 21' bow rider seems like a reasonably good fit for a rental. Last summer we took our boat to Wolfboro on a fairly busy day. I always put our boat as close to the bulkhead as possible (bow out) to avoid being hit by folks backing out. An older gentleman was attempting to back out a very large pontoon rental boat. He was scaring everyone. While I was helping one boater quickly untie his boat so he could escape, my son jumped on the swim platform of a stranger's boat to avoid a catastrophe between those 2 boats. Many were yelling instructions to this guy, but the real scary part was the speed at which he was proceeding. Somehow my son was able to fend him off without damage. 21' bow rider good, big pontoon boat bad- as far as rentals go. Good luck with your idea. I believe if you vet the captains closely enough you will be fine. We have rented boats in Florida and it has been win/win for us and the agencies.